LiveLOOK, a software company that spent two years building its business at NJIT’s Enterprise Development Center, is being acquired by Oracle Corp., the global computer technology company.The company’s key asset is cloud-based technology that allows customer service and sales agents to share computer screens and co-browse with their customers in real time over the web and mobile environments.
“Consumers are increasingly conducting transactions across multiple digital channels such as web and mobile,” said David Vap, Group Vice President, Oracle Product Development, in a written release. “With LiveLOOK, the Oracle Service Cloud will enable customer service and sales agents to deliver exceptional customer experiences.”
News of the company’s commercial success came as little surprise to the EDC’s executive director, Jerry Creighton, Sr., who said the company joined the EDC in 2008 at the suggestion of the state Economic Development Authority.
“They were looking for a home to grow and among the resources we offer as an incubator is student help,” Creighton said, adding, "It was clear to me from the start that this was a tech company with a great market. LiveLOOK had a very good team able to make its case to investors."
Creighton said the company ‘graduated’ in 2010 “because they simply outgrew us.”
LiveLOOK’s products include Co-Browse, a sales and customer service tool that allows company agents to instantly view a customer's screen; web-based Live Chat; Presenter, which launches instant screen sharing sessions for online presentations and collaboration; and Remote Support, a robust remote troubleshooting tool.
The company has approximately 500 customers, according to Oracle, which said that more than 100 of its customers already use LiveLOOK’s co-browse technology as an embedded part of Oracle Service Cloud.
“We have enjoyed a successful partnership integrated with the Oracle Service Cloud, and we are now thrilled to join Oracle’s leading Customer Experience portfolio,” said LiveLOOK CEO Igor Khalatian, in a release. He declined further comment, citing the pending deal.
There are around 85 companies at the EDC, about a quarter of which are software companies.
"In this hot market, we're always looking for software houses, and particularly those with an identified niche,” Creighton said.